Royal Caribbean orders third Quantum Class ship

MAY 30, 2013 — Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) announced today that it has signed a contract with the Meyer Werft shipyard to construct a third Quantum-class cruise ship for delivery in mid-2016. The price and terms of the new ship are similar to the price and terms of the first two Quantum-class ships and the contract is subject to financing conditions.

The company recently unveiled details of this new class of ship (see earlier story) which includes a greater proportion of higher priced staterooms and achieves some of the greatest energy efficiencies at sea.

"We are creating a compelling experience for vacationers with innovative design, winning service, and appealing destinations around the world," said Richard D. Fain, chairman and chief executive officer of Royal Caribbean Cruises Ltd.

"We are encouraged by the very positive response we received from travel agents and consumers when we first announced some of the unprecedented offerings on Quantum Class last month," said Adam Goldstein, president and chief executive officer of Royal Caribbean International. "The Quantum class will offer vacationers more unexpected activities in the most extraordinary spaces, and a third ship will offer even more opportunities for vacationers to experience Quantum cruising."

The yet-unnamed Quantum-class vessel will join the Royal Caribbean International fleet, alongside Quantum of the Seas, which will make its maiden voyage in 2014, and Anthem of the Seas, scheduled to debut in 2015.

"We are excited to construct these tremendous ships to meet guests' demand for an exceptional cruise experience," said Bernard Meyer, managing partner Meyer Werft. Meyer continued, "And we are honored by our long partnership with Royal Caribbean, a true innovator in modern ship design."

Including today's contract and existing ship orders, projected Royal Caribbean's capital expenditures for 2013, 2014, 2015 and 2016 are $700 million, $1.2 billion, $1.2 billion and $2.1 billion, respectively. Including Quantum III, the company's capacity growth rate from 2012 to 2017 will be approximately 4 percent per annum.